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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    39 S State Road 135 Franklin, IN 46131

    • Office Properties & Spaces
    • 4,479 SF
    • 1.66 lot acres
    For Lease
    View listing
    $9,000 /Mo
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-0554465
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Office Properties & Spaces

    Property Details for 39 S State Road 135

    Year built
    1940
    Construction
    WOOD
    Lot size
    1.66 lot acres
    Property size
    4,479 SF
    Property type
    Office Properties & Spaces
    APN
    41-04-36-033-010.000-039
    APU
    410436033010000039

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $775,000
      6.5%
      $715,000
      7%
      $660,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $616,000
      Market price range: $252k - $616k
      AI Estimate
      $443,000
      Market price range: $147k - $501k

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $420,000
      Current use
      RETAIL STORES
      $630,000
      Change: +49% Conversion: Easy
      WAREHOUSE, STORAGE
      $420,000
      Change: -1% Conversion: Difficult

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Franklin
    County
    Johnson
    State
    Indiana
    Longitude
    -86.157
    Latitude
    39.5204
    CBSA code
    26900
    CBSA name
    INDIANAPOLIS-CARMEL-ANDERSON, IN METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $7,891
    $193,600
    $118,100
    $311,700
    -
    $193,600
    $118,100
    $311,700

    Comparable in this City

    • Value Estimation by Request
      728 SF

      4171 In-135

      Office space • 728 SF
      4171 In-135, Franklin, IN 46131
      View Details
    • Value Estimation by Request
      3,393 SF

      Lynhurst St

      OFFICE (GENERAL) • 3,393 SF
      Lynhurst St, Franklin, IN 46131
      View Details
    • Value Estimation by Request
      2,108 SF

      200 Madison St

      OFFICE (GENERAL) • 2,108 SF
      200 Madison St, Franklin, IN 46131-2332
      View Details
    • Value Estimation by Request
      2,986 SF

      2102 Heather Gln Way

      OFFICE (GENERAL) • 2,986 SF
      2102 Heather Gln Way, Franklin, IN 46131-3622
      View Details
    • Value Estimation
      $1,055,000
      9,269 SF

      701 Madison St

      OFFICE (GENERAL) • 9,269 SF
      701 Madison St, Franklin, IN 46131-2148
      View Details
    • Value Estimation
      $850,000
      5,984 SF

      189 Umbarger Ln

      OFFICE (GENERAL) • 5,984 SF
      189 Umbarger Ln, Franklin, IN 46131
      View Details

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    • $300,000
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    • $300,000
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      Versatile office space, ideal for single or multi-tenant use.
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      1.01 Acres

      Whiteland, IN Mixed-Use Development

      22 acres, flexible lot sizes, build-to-suit options.
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      Adaptable office space in a growing Franklin market.
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    Similar Nearby for Lease

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      3,436 SF

      Franklin Professional Park Offices

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      Franklin Retail & Land Opportunity

      Prime Franklin location, retail space & land lease.
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      2,097 SF

      Freestanding Restaurant with Drive-Thru Potential

      Freestanding restaurant on 0.76 acres with drive-thru potential.
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    • $9,000 /Mo
      4,479 SF

      Auto Shop/Showroom on SR 135

      4,500 SF auto shop/showroom with frontage on SR 135.
      39 S State Road 135, Franklin, IN 46131
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      700,992 SF

      I-65 South Commerce Park

      Build-to-suit and speculative construction sites available for lease.
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      7,030 SF

      Retail Space Near US 31

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      View Details
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    39 S State Road 135
    Franklin, IN 46131
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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